Card Merchant fees

drummone

I find there whole merchant card world very difficult to navigate as they make it very confusing with card fees (0.4%)/transactions fees (1p) /pci fees(£5)/termianl rental fees (£20pcm).
who is the cheapest for a shop turning over say, 150k with an average spend of £15.
I think most people (90%) pay with a debit card and I don't need a fancy terminal. I've even considered buying one outright as it seems to cost over £250 a year to rent one.
feel so ripped off. thanks for any pointers here, perhaps there are some new

penners324

Have you tried iZettle or SumUp?
Both charge a fee per transaction 1.75% for iZettle.
Only cost is buying the card machine (Currently £30)

Browntoa

As above , square , izettle or sum up.

Simple pricing structures , no monthly fees

bris

Why would you feel ripped off? You expect the service for free?

Proper merchants rent their terminals, you cant buy them but the percentage is cheaper.

You can buy from izettle and the likes but the percentage is higher.

You can work it out yourself, take the 150k figure that you expect to go through the machine, pick the cheapest rental merchant and the cheapest bought merchants you can find and do the maths.

bonkersbonkers1

OP - just for a minute assume that cards had not been invented - what cost to you would paying in cash and cheques be? The inconvenience of having to find time to pay them in and you would always get one rogue cheque which you would need to sort out.
Accepting cards is much more convenient - as a business you just need to price in the cost of card payments into your pricing strategy.  

Percy1983

I simple guide is if you expect to take more than £1000 a month the merchant services are generally better, under that a flat rate higher percentage is better (sumup, izettle etc).